Suryoday Solar Plant

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The project envisages the construction and development of a 34 MW (AC) solar power plant at Venkayalapalle & Argonda, Telangana. Suryoday Energy Private Limited is the SPV which will implement the project. Sponsor of the project is Shapoorji Pallonji Group. This is a new, greenfield project initiated under a BOO modality. The concession contract was won by Shapoorji Pallonji through a competitve bidding process under the Telangana State Solar Policy. The bidding criteria was the lowest tariff per Kwh. The total output will be sold to the state-owned distribution utility in Telangana under a 25-year PPA. Financial closure was estimated to have achieved on March 24, 2017. The project will require an investment of Rs 274 crore ($41.85 million) and is being funded by 75:25 debt to equity. Yes bank was reported to provide the debt funding amounting to $31.39 million, with the sponsor's contribution covering the remaining $10.46 million. Dealogic and Factiva